Nofoth H1 2024 net profit up 23% to SAR 27.1M

Nofoth H1 2024 net profit up 23% to SAR 27.1M

13/08/2024 Argaam Exclusive

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Nofoth Food Products Co. reported a net profit of SAR 27.1 million in H1 2024, an increase of 23% from SAR 22.1 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 155.62 179.32 15.2 %
Gross Income 91.47 110.54 20.8 %
Operating Income 23.01 26.32 14.4 %
Net Income 22.05 27.14 23.1 %
Average Shares 48.00 48.00 -
EPS (Riyals) 0.46 0.57 23.1 %

Revenue climbed 15.23% year-on-year to SAR 179.3 million in H1 2024, due to higher sales driven by the growth in the number of customers and new products.

 

Gross profit for the period increased to SAR 110.6 million, from SAR 91.5 million in the year-earlier period, on the growth in sales volumes, along with enhanced operating efficiency and cost reduction.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 155.62 179.32 15.2 %
Gross Income 91.47 110.54 20.8 %
Operating Income 23.01 26.32 14.4 %
Net Income 22.05 27.14 23.1 %
Average Shares 48.00 48.00 -
EPS (Riyals) 0.46 0.57 23.1 %

Total shareholders’ equity (no minority interest) reached SAR 117.98 million by June 30, 2024, compared to SAR 85.66 million in the corresponding period of the year before.

 

Nofoth Interim Results

Period

Revenue (SAR mln)

Net Profit (SAR mln)

EPS (SAR/ Share)

H1 2021

80.91

12.39

0.26

H2 2021

115.71

14.46

0.30

H1 2022

135.72

15.37

0.32

H2 2022

133.1

16.12

0.33

H1 2023

155.62

22.05

0.46

H2 2023

152.57

20.62

0.43

H1 2024

179.32

27.13

0.57

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 80.91 - 37.91 - 11.41 -
H2 2021 115.71 - 61.54 - 13.50 -
H1 2022 135.72 67.7 % 72.28 90.7 % 15.40 34.9 %
H2 2022 134.48 16.2 % 75.48 22.7 % 17.37 28.6 %
H1 2023 155.62 14.7 % 91.47 26.5 % 23.01 49.4 %
H2 2023 152.57 13.5 % 91.50 21.2 % 19.68 13.3 %
H1 2024 179.32 15.2 % 110.54 20.8 % 26.32 14.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 12.39 - 0.26 - 12.39 0.26
H2 2021 14.46 - 0.30 - 14.46 0.30
H1 2022 15.37 24.1 % 0.32 - 15.37 0.32
H2 2022 16.12 11.4 % 0.34 - 16.12 0.34
H1 2023 22.05 43.5 % 0.46 - 22.05 0.46
H2 2023 20.62 27.9 % 0.43 - 20.62 0.43
H1 2024 27.14 23.1 % 0.57 - 27.14 0.57

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 50.58 % 18.70 % 13.65 %
H1 2022 53.22 % 17.51 % 11.87 %
H2 2022 54.68 % 18.92 % 11.65 %
H1 2023 57.55 % 20.93 % 13.16 %
H2 2023 59.37 % 20.69 % 13.85 %
H1 2024 60.88 % 20.96 % 14.39 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 48.00 - - 0.54
H2 2021 48.00 0.56 0.56 0.81
H1 2022 48.00 0.62 0.62 1.10
H2 2022 48.00 0.66 0.66 1.43
H1 2023 48.00 0.80 0.80 1.78
H2 2023 48.00 0.89 0.89 2.22
H1 2024 48.00 0.99 0.99 2.46

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 10.39 10.39 4.63
H2 2023 12.43 12.43 4.99
H1 2024 19.90 19.90 8.06

Business Segments (Million)

Compared With The
Period Food and Beverage Revenue Sales commissions revenue Franchise Fee Revenue


Financial Ratios
Current
Market Cap (M Riyal) 840.00
Enterprise Value (EV) (M) 774.65
Shares Outstanding ((M)) 48.00
Book Value (BV) ( Riyal) 2.22
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 19.69
Price/book 7.90
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Share Price

Nofoth Food Products Co.
17.50
0.40 2.34 %

Nofoth Food Products Co. (NOFOTH)

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